Vinci Sa Act

Delighted to be with you again in person, looking fit and well. Let's begin. Jean-Christophe Lefebvre-Moulin will be joining us shortly, I hope, before Q&A. Otherwise, we'll be really bothered to know who's going to answer the first question. So some pictures to begin with on the cover shot. This one, of course, you've all recognized. La Samaritaine, this exceptional painting. transaction of La Samaritaine, 70,000 square meters with, of course, shops, social housing, a nursery, 80 beds, a few offices, and the wonderful Cheval Blanc Hotel with 72 rooms. met with the best energy, acoustic, environmental, and aesthetic criteria, and the good news that it rallied many companies as a group, be it Vinci Energy or Vinci Construction. It was delivered a few weeks back to Mr. Bernard Arnault. This one's not hugely poetic, but it's really just to illustrate a part of Vinci Auto Route's environment plan. Vinci Auto Route today has 37% of its light operating vehicles that are virtuous, that is to say, electric or hybrid, and they're trialing methods to gradually decarbonize energy heavier trucks. Here we're in Manaus in the Amazon, the airport. We won a 30-year concession with six other smaller airports in order to lift the isolation of this very landlocked area. The Amazon is, what, about five times the size of France without planes. it's really difficult to ensure economic development. Manaus of course passengers but a lot of freight because as these routes are being opened up and Free zones are established, supplied by air with electronic equipment assembled locally before being re-exported in the form of finished products. This is the third largest freight airport in Brazil. A bit like at Salvador de Bahia, we plan to roll out across the seven airports all the environmental initiatives that we've been able to deploy at Salvador de Bahia. You'll recall that there we received the award for the greenest airport in its category in Brazil. The next shot, actually, it's an artist's view. It's just to symbolize the beginning of the works of the D4 motorway in the Czech Republic. It's the first PPP contract in the Czech Republic over 500 years. million to build, operate, maintain over 28 years, not just a new greenfield stretch of 32Ks. Hello, Jean-Christophe, who has just arrived, and 16 kilometers of road to be renovated, extended, widened, and then we will maintain it for 28 years. The works will be undertaken by Vinci Construction, which in the Czech Republic It builds engineering structures but also transport infrastructure and it's one of the main builders of transport infrastructure in that country. This project like all infrastructure mobility projects is at a boost for local economy but for us it will be an opportunity of demonstrating our ability to bring a whole range of environmental solutions such as the reuse of earthworks materials, recycling, the aggregate materials, water retention base and preservation of fauna and during the 28 years of the contract no phytosanitaries will be used. Here we head to Cotonou Inn. where we want to find contract Vinci Energy, probably the biggest deal in its history, close on 300 million euros there to meet the energy needs of the people of Benin. but also administrative service facilities of this country, 500 kilometers of high voltage power lines and 1,000 Ks of distribution as well as the connection of several thousand homes. And then in the contract, there's a transfer of technology through coaching, education of 300 young Beninois supervised by our Moroccan and French teams. Next photograph, we don't really see very much yet. It's the beginning of the extraordinary fixed link submerged of 18,000 Ks. In 2029, we'll connect Denmark and Germany. This tunnel is extraordinary because we're going to build on land behind the dikes, 89 boxes that are 80 meters wide, and then they will be floated. They will be immersed. They will be stuck on the seabed against one another, and this will form a tunnel. to contain two rail links and three road links on either side. And it's a structure which will, of course, develop not just the freight between the two regions Denmark and the other in Germany to the northeast of Hamburg, but also a link which will offer an interesting and virtuous alternative to flights from Hamburg and Copenhagen, notably. This is another artist's view. of a pretty exceptional property development project at Nice by Vinci Immobilier on a former stadium. Leroy Stadium, and this really illustrates our concept of rebuilding the city on the city, in other words, taking advantage a number of operations to restore biodiversity and to green areas, which previously essentially functioned like a stadium. Pictures just to show you that the world is full of projects to collect people, territories, improve our lives and the environmental footprint of all human activities. Turning now to our first half in summary form, we can say that the recovery is well and truly here for most of our business, stronger than expected in energy and construction. was very responsive at Vinci. That is, traffic picks up very swiftly as soon as restrictions are eased across countries. And in France, for Vinci, it remains very contrasted. More about that in a moment. At Vinci Airports, revenue in the first half up 22% versus H1 2020. But as you can see, it's already 4% up on the revenue that we achieved H1-19. So the crisis has been broadly erased in terms of level of activity. Well, the EBIT is of course suffering from restrictions on road and rail travel but is nevertheless up 1.3 billion versus H1 last year. Three noteworthy points. The order book, which is once again at an all-time high, free cash flow sharply up even higher than H119, or as you recall, the very seasonal nature of a number of our activities weighs on first half cash. That's because we strove to reduce our OPEX and CAPEX and to collect our receivables from our Net debt is improved significantly by 3.5 billion or just over that versus June 30th last year and by just over 5.6 billion euros versus June 30th, 19. All our geographies are recovering, Asia, Middle East. notably stable important significant progress versus h119 and that's thanks to contract that were opportunistically signed during the pandemic phase and are beginning to be rolled out in terms of activity it's notably the case in North America, which, as you can see, is up 34% versus H119. So all in all, international operations account for 45% of our total revenue, but we're pretty much level with that at Vinci Energy, Vinci Construction and Vinci Airports. Of course, diving deeper into the businesses, Vinci Autoroutes, light vehicle traffic is responding as planned to the alternating Lifting of restrictions, you can see that HV traffic is a lot more buoyant. We are up 2% there versus the traffic levels that we saw in H1-19. LV traffic is recovering. up 31.7%, but on the half it remains 16.5% down because of the restrictions. Since early May 21, the lifting of most mobility restrictions, traffic is up significantly even currently as we speak, topping the traffic level at 2019 at the same period. Now, this crisis confirmed were that needed. We were convinced maybe that road is a vital infrastructure for national economies, for France in particular. You need to know that nine trips out of ten or three homework trips out of four are by road and the mobility emits a lot of CO2. So to reaching the CO2 COP 21 targets requires reducing carbon emissions of mobility which requires that OEMs in the automotive sector decarbonize light vehicles and we hope rapidly heavier vehicles, trucks, using hydrogen-based technology. But as infrastructure managers, we must take initiatives to promote this decarbonization, notably by increasing the number of rapid recharge stations along our motorways. Most of our service areas are equipped, and in a few months' time, our motorway service areas will all be equipped with e-charging stations because our citizens won't go to the trouble of using e-cars for long-distance trips if they're not certain of having recharging stations which don't take too long and work. ensure smooth flow to their destination. Other important point at Vinci Auto Routes It's currently developing through its Ulysses app that you've all downloaded. It's free of charge, developing a system that will enable you to locate all the 40,000 public recharge stations. And between now and the end of the year, we'll develop an app to ensure access, unlocking and recharge on a number of recharge stations, whoever the manager. What's very difficult today when you want to connect to a charge station in the countryside, at least from home, is to be sure to have the right codes, the right card, the right payment system to be sure that you'll be able to recharge your e-vehicle to continue your trip. So there was a need to provide this additional layer to aggregate the offers of all the recharge stations, including that of Vinci Autoroutes, which with Vinci Energy has set up a special unit called Easy Charge that is rolling out its recharge stations out across the country. At Vinci Airport, the situation, as you know, is a lot more contrasted. Traffic is returning to its normal levels in a number of geographies in the U.S., the Dominican Republic, Costa Rica. Traffic levels are still below nominal levels in Europe, but here again we're recording a positive shift in countries such as Portugal, France, and Serbia. And traffic remains low at other geographies, London, Gatwick, Japan, and Cambodia every time for different reasons. But the good news, we're beginning to see pickup in traffic levels at airports such as Gatwick. Vinci Airport's team, they were very courageous in continuing to work actively on OPEX and CAPEX so that Avinci Airports is practically no longer burning any cash. EBITDA is slightly negative, as you can see on the slide. It's lower than a year ago. That's normal because during H-120, we benefited from the two and a half months of normal traffic, even significantly up over the previous year. Next. We won the seven platforms, the airports in the Amazon for 30 years. I'm repeating that because it reveals the fact that planes are irreplaceable in a number of geographies. Air travel is a great driver of economic development. areas where planes are vital. The Amazon would not be able to develop its economy without air travel to overcome the geographical difficulties at Manaus as well as all the other We plan to achieve net zero before 2050 with PV panel, carbon sinks, labs to track the development of biodiversity and systems allowing us to fully process the waste produced by the airports and the aircraft as well as wastewater. Construction order intake very good. Slightly down versus last year but you'll recall that last year was a very good year for auger intake. We went from 20.7 to 22.8 so with such an order intake 22.4 versus 22.8 it is a very good performance and you can see on the right hand side of the slide on international development because over half of our new contracts are one in geographies outside France. Vinci Energy benefits fully from its excellent positioning in the marketing front on the three main underlying trends, energy efficiency, with plans launched by a number of countries, France included, with the energy transition and what goes with that, which is the development of electric power in the energy mix and the digital revolution, the need to capture, store, and operate data. Business is up 17%. of H1 this year versus H1 last year but growth came in at 12% versus 2019 and all balanced between France and international. But the cherry on the cake is that Vinci Energy is taking full opportunity improve its EBIT margin on the quarter which was at 5.9 in 2019 and is now at 6%. Still a continuous flow of small M&A deals at Vinci Energy to complete the geographic coverage. The conclusion is Vinci Energy is off to deliver a fine year of top line growth but also its operating margin. Good half at Vinci Construction. For those of you who may have been absent during the lockdown phase, it's now the combination between Eurovia and the former Vinci Construction. Revenue is good, 27% up over last year. That's normal because last year in particular in France we suffered a great deal from the lockdown phases. But what's interesting is that we're also up 7% on the half versus H1 2019. International now accounts for about 50% of total business with the ramp up of projects that are under construction such as HS2 in the UK but also in the US, New Zealand, Australia and of course in France. with the Greater Paris Express link and the extension of the E line to the new headquarters at Nantes. Six months ago, I mentioned not concerns but a question regarding the slow of small and medium-sized deals. The situation has improved. It's not yet nominal. The trend is good. Small and medium-sized deals are returning. That's a sign that we've emerged from the traditional wait and see phase after local government elections in countries such as France. And the French recovery plan is beginning to rise and our offices are pretty busy. on contracts that are part of the French stimulus package, and that should drive our business going forward. Lastly, here again, like at Vinci Energy, EBIT of Vinci Construction is better than in H1 2019. Let me remind you that we'll do better than 1.8% for the simple reason is that EBIT margins in these businesses suffer from the fact that some of the business segments are highly seasonal, so it's normal to have very low or quite low margins during the initial months when certain projects cannot be completed. All that's encouraging and we confirm. Even slightly improving our guidance, we now expect that Vinci Construction will, in full year 21, improve slightly its revenue and its EBIT margin. Let me remind you, because the question was put earlier, in 2019, the combined margin of Vinci Construction of euro was 3.3%. Lastly, Vinci Immobilier, Vinci Real Estate, back to growth as you can see the most relevant metric is the number of bookings in terms of housing units. We see we're significantly up over last year, that's normal. when we were also up on 2019, and that concealed some M&A. In the meantime, we incorporated Urbat, and we now own 100% of that company. And if you remove the reservations that were marketed by Urbat, you see that reservations like for like are pretty much on a par with 19. Slightly below, but it's better than what we feared a few months back. Let me just add that demand for homes, for housing, social housing units remains sustained, strong in France, and clearly the country is not building enough homes. These needs are high for three reasons. Firstly, demographics. Secondly, the growing number of single-parent families. But the third reason, more recent... is that homes built every year only account for 1% of the existing base and we're in a race against time to improve the energy efficiency. We can renovate a number of homes but in many cases there's a need to simply replace and rebuild, pull down and rebuild, so we have to increase the number of projects. France is not building enough homes. We should be building over 500,000 homes a year. This year, we're below 400,000. We're accumulating lag, which will only worsen the housing crisis. Now, the reasons for this situation are, of course, a well known, the price of land, the reluctance growing of a number of local authorities to build and of course it takes longer and longer to get building construction permits and also the number of appeals that are growing as soon as we want to do something in this country. What's important is the state, the government has at last realise there's a problem. It was not the case a few months back. There was nothing in the recovery plan about housing. Now they have bitten the bullet and they've asked the mayor of Dijon to chair a commission that plans to work rapidly so as to produce some measures to unlock these bottlenecks without which it won't be possible to meet our new housing needs. Over to Christian. Thank you very much.

Let's start with revenue. The increase in the first half 2021 versus 2020 is more than 22%, particularly noticeable in Vinci Construction up 27%, Vinci Energy 17%. So for these two entities, we're looking at revenue higher than what we had before the crisis. We've also got 12% growth, but it depends on the poll, 26% for Vinci, whereas Vinci Airport is down just slightly. This is due to the fact that traffic at the beginning of 2020 was very good. So on average, we have a drop in traffic half after half. Like for like, there is little difference, 21.7% organic growth because there were some acquisitions, especially at Vinci Energy. You may remember a transaction that we did in Canada at the end of 2020. That was Transidec. That has an impact on the books for 2021. and also the integration of ERBAT, which is our new subsidiary for development in Montpellier, in the south of France. This was integrated in January after the acquisition of 51% of its capital, and that's about €70 million for the half. Forex effect is slightly negative due to the depreciation of the US dollar versus the euro. Versus 2019, we're seeing growth in revenue of 4%, which is entirely due, of course, to Vinci Energy with plus 12% and Vinci Construction plus 7% with real estate. Vinci Order Route is still under its 2019 level at 8% and Vinci Airport minus 65%. Regarding geographies, France is bouncing back spectacularly plus 30% versus last year. But you may remember that our business was almost completely stopped for a month or a month and a half in the second quarter during the lockdown. So we're back to roughly 2019 dollars in France, whereas the international sphere was less affected but is less up versus 2020 but is up 8% versus 2019. versus total international accounts for 45%. Operating profit on the next slide, 1.6 billion. This is significantly up versus last year, but still remains lower than what we had in the first half of 2019. That was 2.3 billion. This is due to the weak air traffic and also to a lesser extent a drop in motorway traffic. Vinci Autoroute contributed 1.2 billion, 49% of overall revenue. That's a significant uptick. Vinci Airport still is losing 250 million versus minus 127 last year, but once again, Remember that we had good figures for the first two months of the year, maybe even two and a half months of the year before the lockdown. A reminder that for these businesses, we have fixed cost structures in most situations. And there's no real way to absorb the drop in revenue, despite drastic cost cutting measures that were implemented, especially in Vinci Airport and that continued this year. We're happy to see in this half the contribution for Vinci Construction, Vinci Energy respectively, which are back to pre-crisis levels, 428 million euros for Vinci Energy. Ten base points up versus 2019, all of the geographies and business lines contributing to that excellent performance. And Vinci Construction, so the new look, the new version of Vinci Construction, 213 million euros, 1.8% of revenue versus 0.5% in 2019. A reminder that margins in the first half are not representative of what we'd expect for an entire year, given the seasonal nature of some of the business lines, such as the road construction business. But we had never seen this kind of figures for the last eight years and for the first half. We've been able to cut the losses for oil and gas, and some of the difficult job sites that we still had in construction in the Paris region are either over or are nearly over. Minchi Real Estate also has performance that is up. Breaking down the income statement on the next slide. We still have, unfortunately, negative contribution of the consolidated equivalent companies due to the losses that we have in that area for some airports that we co-control with some partners, including the Japanese airports. However, we have financial profit that is solid, similar to the previous year, despite an increase in the cost of debt in the UK. We'll come back to this later. We refinanced Gatwick. and that of course costs more because the rates in the UK are higher than what we have in euros. We've been able to offset that negative effect in one part by some costly loans that came to term and also new debt including bond debt for more than 10 years on the 30th of June. which isn't booked yet but will have an impact soon and that's in very favorable terms. Something that we've never seen before, our cash is actually a net cost for us. We've paid our bankers for the privilege of them looking after our money and that's a situation that we've never seen in the past and this may lead us in the future to be maybe a little bit less conservative on our cash situation going forward and ACS will help us at that because we have spent some money at the end of the year on that an increase in the tax burden significantly up this is something that we mentioned in the past it's due to the fact that profits are up so when you're making money it makes sense that you'd pay more tax on it with an average rate group wide that's about 34% and then on top of that we're also seeing a purely accounting effect on deferred taxes passive taxes in the UK that had to be reassessed due to the fact that from 2023 the tax rate in the UK rather than staying stable, it was increased last year 19% and it's going to go up to 25% in 2023. So we had to recalculate all of our tax expenses, our deferred tax expenses in the UK, 86 million for Gatwick there. half of that attributable to Vinci. And you can see that on the minority interest item, so that's GIP shares on the reassessment of the deferred tax burden. Profit 682 million, about 900 million if you adjust for one shot, which is a significant improvement versus the losses of last year, although we're not yet back to where we were in 2019 per share, 1.19 euros for profit, 0.53 if you take into account the tax burden, which does not have an effect on cash once again. The good news or another piece of good news for the half is the cash position. This is on our next slide. Net debt for the group did not significantly increase. 600 million is very low. You know that there's a high seasonal effect, especially for our business science related to construction. In the first half, we have less business. Therefore, we're bringing in less money. But the increase of the debt was controlled because EBITDA significantly increased, although not back to pre-2019 levels. And then working capital, which is generally a burden for us, was, well, it still is cost, but it was better managed this year. We used to be at 1, 1.5, even 2 billion. Here we're at minus 700 million, which is an excellent performance. And especially as remember we took in a lot of money at the end of last year and we were worried that there would be a blowback effect with some customers not wanting to pay but actually that didn't happen. We were able to pay our operators and to maintain income at a good level. Interest and taxes are down versus the previous year because remember you pay at the beginning of the year taxes for the previous year 2020 was not a particularly high year for tax payments. That means that it's a positive effect or at least we paid less related to that at the beginning of 2021 for that item. CapEx is something that you can't really see very well on the slide but they have been significantly reduced for Vinci Airport especially 200 million. but that is in part offset by the fact that some of our big business lines, energy and construction, reinvested, which made sense after all of the restrictions that were implemented last year. As an aside, we are finishing our investment in Nanterre for our new corporate HQ that we will be moving into in October until the end of the year. Few acquisitions across the year, but we're going to be making that up at the end of the year with ACS. Some acquisitions, about 20 or so, for Vinci Energy. that for the entire year will be about 100 million euros in extra revenue. And then for dividends, we paid out the dividend for 2020, 2.04. Next slide. is the timeline of Vinci's performance for cash flow generation. The first half of 2021 is actually quite good. If you look at the broader picture, it's in the black, which is always good. And also it's higher than what we had in 2019. But we shouldn't get ahead of ourselves. The first half is always very low compared to what you should expect for an entire year. For example, in 2020, we had $4 billion cash flow, and the first half was actually in the negative. So that doesn't explain everything of what we're going to be doing in the second half, but it's still good news. The next page is the consolidated balance sheet. Not much to say on this. Equity is good. Debt is good, $1.6 billion. and capital being invested, especially in concessions, still a strong balance sheet. The next page is a reminder of some of the financial elements, what we were doing in the first half. Available cash plus credit lines is down, but not by much versus last year. And in fact, it's higher than what we have on the slide because in the 17.3 billion, we didn't include the 750 million in securities for the beginning of the year. So we're back to pretty much where we were last year. We have 3.3 billion less in credit lines this year because last year bankers agreed to help us ride out the storm of the crisis with a 3.3 billion temporary credit line that we didn't draw nor renew. And that means we have even more cash than what we had last year. And that's a good thing and a bad thing because now cash is costing us money, but I'm sure we can find a way to spend that. or at least to draw it down by about four to five billion with ACS's arrival. Credit ratings were confirmed. We're very happy with that. That wasn't a given because we did suffer last year in concessions and Vinci Airports continues to suffer. Despite that, ratings agencies continue to trust us. They included ACS's impact in their models, which makes sense, which does change our industrial profile somewhat. And as I've already mentioned, we refinanced Gatwick to give them a little bit more headroom for their cash position. We don't know how long the crisis is going to last. We don't know how long it's going to take for traffic numbers to get back up in Gatwick so we wanted to make sure that there was no crunch time for Gatwick or at least to push that back. And the covenants with our lenders have been adjusted and we think that things are going to continue along that trend if the targets were not achieved. So no issue for the cash position in Gatwick liquidity because we helped both the operating company and the parent company. Financial policy, we've been able to keep our debt cost stable despite the fact that Euro debt, which is the cheapest, which is free, even less, even better than free, is 57% of total, whereas Sterling debt is 29%. It's expensive. And then we've got dollars and then some more exotic currencies.

So thank you, Christian. Closing, what can we say for the full year 21 on motorways? We got two charts on the order routes. The top one is the heavy vehicles. You can see that it's over two years, the comparison versus corresponding traffic levels back in 19. You see that since June 20, Every year now you have the HV traffic that oscillates around the 19 level and is now above because earlier on one of the slides you saw that full H1, it's plus 2%. We see no reason why this should not continue because it's the impact of the general economic uptick, growth in the industrial segment that generates a lot of truck traffic and the growth in e-commerce. Barring a pandemic disaster, the heavy vehicle traffic is set to continue. That is slightly higher than the level seen in 19. The lower chart must be read very differently. The green line that is important and stopped, as it should, and the weaker week 30 or 31, you need to compare the green line with the light blue line, which is the corresponding line for 2019. You see that for a few weeks now the green line is nearing closer, even exceeding traffic levels we had at the same period back in 19. You see that we positioned the various phases of major migration for holidays, be it the winter, spring, summer holidays. You know that our auto route networks are particularly sensitive to the summer holiday period. And the good news, it corresponds to periods when restrictions are lifted and traffic levels can take off. We're less affected than others are by winter and spring lines. You see that the green line is well below the blue line for spring holidays, but it's better than the situation for spring last year. So it's looking pretty good in a snapshot. We believe that light vehicle traffic will continue to be slightly above the level of 19 sign that that's it. Now, the crisis is behind us, but subject to possible other pandemic episodes. On Vinci Airports now, the next slide. Well, you can see what we've said for many times now, that it's picking up. The recovery slope is the same pretty much as what we obtained last year, June, July 2020. But what happened as of end of September after the summer break? Well, our hopes were dashed by the fact that there were new pandemic waves that stymied our growth. If that doesn't happen this year, well, the traffic growth line could head upwards to return to levels of 19. For contracting, the situation is simple. For a simple reason, we've won contracts and We continued to operate during COVID, so we're not that affected by COVID. And the second piece of good news is that we have an order book at an historic level, both Vinci Energy and construction. We can, on the guidance front, slightly raise our revenue forecast both for Vinci Energy and Vinci Construction. Business levels should continue to be higher than what we saw in 19 and operating margin should also be higher than the EBIT margin we saw back in 19, which means that all in all, On the back of everything I've said, we can't supply you any reliable guidance given the weight of concessions in our income statement. And in 21, we will not return to the performance levels achieved in 2019. That's certain. but we can conclude where I started that is the recovery is well and truly here and it is as an expression of confidence that the board which met yesterday decided the payout and an interim dividend of 0.65 euros per share that X date 16 November, payment date 18 November, the group obviously is projecting itself beyond this period. It is galvanized to accompany economic recovery across territories where we operate contracting and construction building on our historic strengths, a long-term business model that is particularly well suited to the current major challenges, energy efficiency, the environment transition and new needs in terms of digital technology, mobility, communication. These are challenges over the long term. for which a long-term approach such as our profoundly cultural approach is well-suited. These strengths added to a network of business units very locally rooted, very dynamic. that has allowed us to win the seven Amazon airport, the three, the default in Czech Republic or to have won a fifth PPP in Germany, the B247, the acquisition of ACSIS. We won't say anything new. We're still in the process of obtaining the many authorizations, including antitrust. We're beginning to get agreements from a number of antitrust authorities across a number of countries, but in Europe we're still building the file. You know how it works. Once the file is deemed complete, the Europe's administrative department has five weeks before giving an answer. Before they declare it complete, they receive successive waves for additional information. We're probably at the third wave. How many waves there'll be, it doesn't depend on us. We're in the process. So far, so good. But we remain prudent. all that to conclude that we expect to be able to close this deal towards the end of 21, possibly early 22 as we indicated six months ago and that will allow us the day it is done to be consistent of our strategy to build a global player in the field of engineering, construction, services, maintenance, but as you'll have understood to develop renewable energy assets to strengthen the long-term perspective of our businesses but also to improve our environmental profile. Growth obviously will be increasingly green throughout the world. Almost all our projects have a strong green component. That's why we were well inspired to preempt it by working on our environmental plan in 2019 and setting out our environmental ambition that I won't recall in early 2020 and our sense is this major challenge of the first half of this century will only be delivered if everyone rallies. We rallied our 270,000 employees through an environment award that was very compelling in its success. We received over 2,500 initiatives from all our geographies and businesses presented by groups of colleagues. Here you have a a photograph where you see someone. I think it's me. awarding a regional prize that was at Aix-en-Provence at the camp and the idea is that one of these prizes or award will enter an even more difficult phase which will involve sharing and disseminating the best initiatives that have a strong environmental and economic impact both for our businesses but also customers and partners but a word also we must never forget it, on our social, civic responsibility that is part and parcel of environmental responsibility. We have a great many initiatives. I won't review them all, but each illustrates our purpose as a humanist company and our ability to rally for a more inclusive, a more supportive company. We believe that these initiatives must not only be continued but amplified simply because if the attention to the planet is no longer an option. Everyone is rallied. We know this because we have operations everywhere connecting communities. the energy transition will require heightened focus on the social components and aiming for global performance. That is something we've conceptualized many years back. Thank you for your attention and we're now available to take your questions.